宏观经济学第十版ppt课件.ppt_第1页
宏观经济学第十版ppt课件.ppt_第2页
宏观经济学第十版ppt课件.ppt_第3页
宏观经济学第十版ppt课件.ppt_第4页
宏观经济学第十版ppt课件.ppt_第5页
已阅读5页,还剩15页未读 继续免费阅读

下载本文档

版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领

文档简介

15 1 15 2 15 TheDemandforMoney ItemItemItemEtc 15 3 Introduction Whatismoney Whydoesanyonewantit Ineconomics money mediumofexchangeWhateverisacceptedinexchangeInU S M1 currencyandcheckabledeposits comesclosesttodefiningmeansofpaymentAttheendof2005 M1 4 596perpersonDebatewhetherbroadermeasure M2 mightbettermeetthedefinitionofmoneyinamodernpaymentsystemDemandformoneyreferstothestockofassetsheldascash checkingaccounts andcloselyrelatedassets specificallynotgenericwealthorincome 15 4 ComponentsoftheMoneyStock IntheU S therearetwomainmonetaryaggregates M1andM2M1comprisesthoseclaimsthatcanbeuseddirectly instantly andwithoutrestrictions LIQUIDM2includesM1 plussomelessliquidassets ex savingsaccountsandmoneymarketfunds Asliquidityofanassetdecreases theinterestyieldincreasesAtypicaleconomictradeoff inordertogetmoreliquidity assetholdershavetosacrificeyield 15 5 TheFunctionsofMoney Therearefourtraditionalfunctionsofmoney MediumofexchangeMoneyisusedtopayforgoodsandservicesEliminatestheneedfora doublecoincidenceofwants StoreofvalueAnassetthatmaintainsvalueIfmoneywerenotastoreofvalue itwouldnotbeusedasamediumofexchangeUnitofaccountTheunitinwhichpricesarequotedStandardofdeferredpaymentMoneyunitsareusedinlongtermtransactions ex loans 15 6 TheDemandforMoney Theory Thedemandformoneyisthedemandforrealmoneybalances peopleholdmoneyforitspurchasingpowerTwoimplications Realmoneydemandisunchangedwhenthepricelevelincreases andallrealvariables suchastheinterestrate realincome andrealwealth remainunchangedEquivalently nominalmoneydemandincreasesinproportiontotheincreaseinthepricelevel giventherealvariablesjustspecified Anindividualisfreefrommoneyillusionifachangeinthelevelofprices holdingallrealvariablesconstant leavestheperson srealbehavior includingrealmoneydemand unchanged 15 7 TheDemandforMoney Theory ThetheoriescoveredherecorrespondtoKeynes sfamousthreemotivesforholdingmoney Thetransactionsmotive whichisthedemandformoneyarisingfromtheuseofmoneyinmakingregularpaymentsTheprecautionarymotive whichisthedemandformoneytomeetunforeseencontingenciesThespeculativemotive whicharisesfromuncertaintiesaboutthemoneyvalueofotherassetsthatanindividualcanhold Transactionandprecautionarymotives mainlydiscussingM1Speculativemotive M2 aswellasnon moneyassets 15 8 TransactionDemand ThetransactiondemandformoneyarisesfromthelackofsynchronizationofreceiptsanddisbursementsYouarenotlikelytogetpaidattheexactmomentyouneedtomakeapayment keepmoneyonhandtomakepurchasesbetweenpayperiodsThereisatradeoffbetweentheamountofinterestanindividualforgoesbyholdingmoneyandthecostsofholdingasmallamountofmoneyBenefitsofkeepingsmallamountsofmoneyonhandisinterestearnedonmoneyleftinthebankCostofkeepingsmallamountsofmoneyisthecostandinconvenienceofmakingtripstothebanktowithdrawmore 15 9 TransactionDemand Supposethefollowing Y 1800 monthPersonspendstheYevenlyoverthemonth atarateof 60 dayAlternative1 Personcouldkeeptheentire 1800incashandspend 60 dayCashbalancesfallssmoothlyfrom 1800to 0attheendofthemonthAveragebalanceofForgoneinterestof Alternative 2 Personcoulddepositentireamount andeachdaytaketheneeded 60outofthebank earninterestonmoneyleftinthebankoverthecourseofthemonthCashbalancesfallfrom 1800 30tozeroeverydayAveragebalanceofForgoneinterestof 15 10 TransactionDemand Ingeneral StartingincomeofYntripstothebank TheaveragecashbalanceisEachtripscoststc Thecombinedcostoftripsplusforgoneinterestis Choosentominimizecostsandcomputetheaveragemoneyholdings Baumol Tobinformulaforthedemandformoney 1 15 11 TransactionDemand TheBaumol Tobinmodelisamodelofthetransactiondemandformoney Demandformoney 1 Decreaseswiththeinterestrate2 Increaseswiththecostoftransactions3 Increaseswithincome 15 12 ThePrecautionaryMotive TheBaumol TobinmodelignoreduncertaintyPeopleareuncertainaboutthepaymentstheymightwantorhavetomake thereisdemandformoneyfortheseuncertaineventsThemoremoneyapersonholds thelesslikelyheorsheistoincurthecostsofilliquidityThemoremoneyapersonholds themoreinteresthe shewillgiveup similartradeoffencounteredwithtransactionsdemandformoneyAddedconsiderationisthatgreateruncertaintyaboutreceiptsandexpendituresincreasesthedemandformoneyTechnologyandthestructureofthefinancialsystemareimportantdeterminantsofprecautionarydemand 15 13 SpeculativeDemandforMoney Speculativedemandformoneyfocusesonthestore of valuefunctionofmoney concentratesonroleofmoneyintheinvestmentportfolioofanindividualWealthheldinspecificassets portfolioDuetouncertainty unwisetoholdentireportfolioinasingleriskyasset diversifyassetholdingsMoneyisasafeassetDemandformoneydependsupontheexpectedyieldsandriskinessoftheyieldsonotherassets JamesTobin IncreaseintheopportunitycostofholdingmoneylowersmoneydemandIncreaseintheriskinessofthereturnsonotherassetsincreasesmoneydemand 15 14 EmpiricalEstimates Empiricalworkestablishesfouressentialpropertiesofmoneydemand Thedemandformoneybalancesrespondsnegativelytotherateofinterest Anincreaseininterestratesreducesthedemandformoney Thedemandformoneyincreaseswiththelevelofrealincome Theshort runresponsivenessofmoneydemandtochangesintheinterestratesandincomeisconsiderablylessthanthelong runresponse Thelong runresponsesareestimatedtobeabout5timesthesizeoftheshort runresponses Thedemandfornominalmoneybalanceisproportionaltothepricelevel Thereisnomoneyillusion inotherwords thedemandformoneyisademandforrealbalances 15 15 TheIncomeVelocity Theincomevelocityofmoney thenumberoftimesthestockofmoneyisturnedoverperyearinfinancingtheannualflowofincome ItisequaltotheratioofnominalGDPtothenominalmoneystock or 2 canalsobeinterpretedastheratioofnominalincometonominalmoneystockORtheratioofrealincometorealbalances 15 16 TheIncomeVelocity TheconceptofvelocityisimportantlargelybecauseitisaconvenientwayoftalkingaboutmoneydemandDemandforrealbalancesis Substitutingintoequation 2 velocitycanbewrittenas Moneydemandcanbewrittenas Velocityofmoneyis Thisgivesaconvenientwayofthinkingabouttheeffectofinterestratesonmoneydemand 15 17 TheIncomeVelocity Figure15 1showsM2velocity leftscale andtheTreasurybillinterestrate rightscale M2isrelativelystable aslefthandscaleisonlybetween1 5and2 2overa40yearperiodVelocityhasastrongtendencytoriseandfallwithmarketinterestratesOverthelastdecadeM2velocityhasbecomemuchlessstablethaninthepast Whenmonetaryaggregatesbecomerelativelyunstable monetaryauthorityshouldusetheinterestrateratherthanmoneysupplyasthedirectoperatingtarget InsertFigure15 1here 15 18 TheQuantityTheory Thequant

温馨提示

  • 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
  • 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
  • 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
  • 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
  • 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
  • 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
  • 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。

评论

0/150

提交评论